DELL: F1Q27 10-Q Quick Notes: Purchase Obligations +11% q/q to $20.8B, RPO > Deferred = $69.5B, Segment GM%, Share Repo, & More

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DELL: F1Q27 10-Q Quick Notes: Purchase Obligations +11% q/q to $20.8B, RPO > Deferred = $69.5B, Segment GM%, Share Repo, & More

Equity Research

Flash Comment — June 9, 2026

IT Hardware & Communications Networking

Dell Technologies Inc.

F1Q27 10-Q Quick Notes: Purchase Obligations +11% q/q to Overweight

$20.8B, RPO > Deferred = $69.5B, Segment GM%, Share Price Target: $505.00

Repo, & More

Ticker DELL

Our Call Upside/(Downside) to Target 32.3%

Today (post-close) Dell filed its F1Q27 10-Q. We thought it would be useful to highlight a Price (06/09/2026) $381.78

few quick takeaways: 52 Week Range $109.17 - 469.47

Market Cap (MM) $261,138

Source: Company Data, Wells Fargo Securities estimates, and Factset.Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Purchase Obligations. Dell's purchase obligations stood at ~$20.8B exiting F1Q27;

~$17.3B payable w/in 12-mos ($16.9B for remainder of FY27), which compares to Aaron Rakers, CFA

$18.8B / $16.8B exiting F4Q26. Dell's total Inventory + Purchase Obligations stood at Equity Analyst | Wells Fargo Securities, LLC

Aaron.Rakers@wellsfargo.com | 314-875-2508

$35.852B exiting F1Q27, up from $15.449B and $29.237B exiting F3Q26 and F4Q26,

respectively. We continue to see economies-of-scale as a Dell competitive advantage. Michael Tsvetanov, CFA

Associate Equity Analyst | Wells Fargo Securities, LLC

Michael.Tsvetanov@wellsfargo.com | 314-875-2558

Dell's Finished Goods balance stood at $935M exiting F1Q27, up from $969M exiting Richard Strifler, CFA

F4Q26. Production Materials & Work-in-Process stood at $10.634B and $3.483B exiting Associate Equity Analyst | Wells Fargo Securities, LLC

F3Q26, compared to $6.696B and $2.772B exiting F4Q26, respectively. Richard.Strifler@wellsfargo.com | 314-875-3234